The company reported its Q2 16 results below expectations with a loss of €290m compared to expectations of €78m. All divisions (E&P, refining and Gas & Power disappointed). Production was 1.715mbpd, slightly higher than the 1.697mbpd expected. Weak natural gas prices in Europe and in the US, as well as the production shutdown at the Val Agri profit centre for the whole Q2. The group reiterated that it would cut capex by 20% this year.
29 Jul 2016
First view: weak operational performance, well below expectations
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First view: weak operational performance, well below expectations
Eni S.p.A. (ENI:WBO) | 0 0 0.9% | Mkt Cap: 49,527m
- Published:
29 Jul 2016 -
Author:
Alexandre Andlauer -
Pages:
2
The company reported its Q2 16 results below expectations with a loss of €290m compared to expectations of €78m. All divisions (E&P, refining and Gas & Power disappointed). Production was 1.715mbpd, slightly higher than the 1.697mbpd expected. Weak natural gas prices in Europe and in the US, as well as the production shutdown at the Val Agri profit centre for the whole Q2. The group reiterated that it would cut capex by 20% this year.